If you think its a good deal first thing I would do is control it.

All the best on your real estate ventures!

Once a bankruptcy is filed, the owner no longer controls what happens to the property until the Trustee, the Court or the specific state exemption statutes decides it is no longer property of the bankruptcy estate.

Hello, my name is Michael Kuhn.After going thru a Lifetime of bad experiences, suffering, & challenges over the last 8 years, we are starting a new venture to help us make decent money and gain back control over our Lives: Real Estate.  

Good luck with your new venture!

I'm trying to figure out whether Aurora and the surrounding area is the place where I want to keep the bulk of my investing activity or venture out to some other areas where housing is much cheaper.

@Kurt Pourbaix I agree with other responders, as described this sounds more like a joint venture than a lender/borrower situation.However, talk to your accountant, there may be ways to structure your arrangement so part of it is lending (with interest income & principal repayment) and part of it is investing...if that would be helpful to you and your tax situation.

I did it reluctantly at first but maintaining control in the property management process is important. 

You may need to have 2 - 3 months mortgage set aside, Incidental repair cost as well ( as a landlord you will need to fix problems right away or tenant can withhold rent)  You have a lot to consider when venturing into this , Be careful.

Yep these properties are always offered and some unknowledgeable investor will think they are getting  great deal.A few years ago, my son found one of these tax sales properties that was controlled for years by one investor, he forced the cancelation of the tax certificate and offered the city $30,000 for this commercial property, after a few attempts, the city accepted the offer.The property now is worth over $300,000, it has  two large apartments and a store on the first level.Talk to the right people in the city, present your proposal and they may accept it.Good luck.